INDO-MIM's first quarter earned 45% of last year's entire profit

The Big Picture

• What happened overnight. Wall Street fell for a second session: the S&P 500 lost 0.69% to 7,691.76, the Nasdaq 1.33% (both their largest one-day falls since 29 July), the Dow 0.22%. The selling was led by semiconductors, & the pressure came from the bond market: the US 10-year Treasury yield reached 4.75%, its highest since early 2025, & the 30-year touched 5.34%, its highest level since 2007.
• Why yields are surging, in plain language. Three forces are stacking up. One, inflation expectations: the University of Michigan's year-ahead measure has spent five straight months above 4%. Two, supply: the US government keeps selling long-dated bonds to fund deficits, & AI companies have added roughly $1.5 trillion of corporate bonds this year, competing for the same investor money. Three, oil: the US-Iran interim ceasefire formally expired on Monday with no extension, so energy prices now feed the inflation story. Rising long yields raise the discount rate on every long-duration asset, which is why expensive tech fell hardest.
• Asia this morning. South Korea's Kospi fell as much as 7% & Japan's Nikkei about 3%, both led by chipmakers tracking the US semiconductor decline. Australia slipped 0.4%. US equity futures were modestly lower again.
• Where India starts. The Nifty has fallen six sessions in a row to 24,154.90 (-0.55% Tuesday); the Sensex closed at 77,235.46 (-0.63%), a third straight decline. IT fell 1.93% Tuesday & faces the global chip weakness again today. GIFT Nifty around 24,208 signals a flat-to-tepid open. The near-term drivers are external: crude, US yields & the West Asia situation.